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Updated about 11 years ago,
Can I make this a Deal?
Call came in today from a DM campaign and wondering if I can make this a deal somehow:
SFH ARV $140k
Repairs ~$12k
Seller Owes $116k (1st and HELOC)
Tenanted at $1000/month - which is negative cash flow with existing loans and taxes.
Sellers do not have money to use at closing to bring down the purchase price. Mortgage is current.
Sellers are very motivated but I to get the rehab completed with at least $10k profit(repairs include a healthy contingency %, and ARV is below comps as I know people will say this is a skinny deal) which means I need to get the property for ~$95k or below.
Any ideas on how to make this a deal? Will banks allow a HELOC to transfer onto a new property for example? Obviously I can move onto the next deal, but always looking to find ways to swing a tougher deal.